Investments in Real Estate, net

9 Months Ended

Sep. 30, 2024

Investments in real estate, net consist of:


in thousands	September 30, 2024		December 31, 2023
Building and improvements	$	572,074	$	563,958
Land and land improvements	153,650		148,411
Furniture, fixtures and equipment	13,553		11,349
Total	739,277		723,718
Accumulated depreciation	(53,293)		(38,115)
Investments in real estate, net	$	685,984	$	685,603

Acquisitions

We acquired the following property during the nine months ended September 30, 2024:

$ in thousands

Property Name

Ownership Interest

Number of
Properties

Segment

Acquisition Date

Purchase

Price(1)

International Business 4535

100%

Industrial

July 2024

8,730,884

(1)Purchase price is inclusive of acquisition-related costs.

The following table summarizes the allocation of the total cost for International Business 4535 acquired during the nine months ended September 30, 2024:


$ in thousands	Amount
Building and building improvements	$	7,426,926
Land and land improvements	1,864,615
Lease intangibles(1)	955,810



Below-market lease intangibles	(1,516,467)
Total purchase price(2)	$	8,730,884

(1)Lease intangibles consist of in-place leases and leasing commissions.

(2)Includes acquisition-related costs.

The weighted-average amortization periods for intangible assets and liabilities acquired in connection with our acquisition of International Business 4535 during the nine months ended September 30, 2024 were as follows:


	In-place lease intangibles	Leasing commissions	Below-market lease intangibles
Weighted-average amortization periods (in years)	5.30	5.30	5.30

Impairment

We did not record any impairment losses on our investments in real estate, net, for the three and nine months ended September 30, 2024. During the three and nine months ended September 30, 2023, we recognized impairment of $1.7 million related to Cortona at Forest Park at the time the asset was classified as held-for-sale, as the carrying amount exceeded the fair value, which was based on the estimated sales price, less estimated closing costs.